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An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty.
The International Actuarial Association (IAA) is a worldwide association of local professional actuarial associations.
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries. It is a full member organization of the International Actuarial Association.
The Casualty Actuarial Society (CAS) is a professional society of actuaries specializing in property and casualty insurance.
The Institute of Actuaries was one of the two professional bodies which represented actuaries in the United Kingdom. The Institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland. While the Institute and Faculty of Actuaries were separate institutions, they worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the Institute who took part in a ballot voted to merge the Institute with the Faculty, thus creating the Institute and Faculty of Actuaries, which came into being on 1 August 2010. The Institute of Actuaries ceased to exist on that date.
The Actuarial Association of Europe (AAE) was established in 1978 as Groupe Consultatif des Associations d'Actuaires des Pays des Communautés Européennes (GC), renamed to Groupe Consultatif Actuariel Européen in 2002, and given its present name on January 1, 2014.
The following outline is provided as an overview of and topical guide to actuarial science:
Alexander Craig "Alec" Aitken was one of New Zealand's most eminent mathematicians. In a 1935 paper he introduced the concept of generalized least squares, along with now standard vector/matrix notation for the linear regression model. Another influential paper co-authored with his student Harold Silverstone established the lower bound on the variance of an estimator, now known as Cramér–Rao bound. He was elected to the Royal Society of Literature for his World War I memoir, Gallipoli to the Somme.
The American Academy of Actuaries, also known as the Academy, is the body that represents and unites United States actuaries in all practice areas. Established in 1965, the Academy serves as the profession’s voice on public policy and professionalism issues.
The Institute of Actuaries of India is the sole professional body of actuaries in India. It was formed in September 1944 by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006.
Emory McClintock (1840–1916), born John Emory McClintock was an American actuary, born in Carlisle, Pennsylvania. He graduated from Columbia University, where he was tutor in mathematics in 1859–1860. From 1863 to 1866 he served as United States consular agent at Bradford, England. He served as president of the American Mathematical Society in 1890–1894 and of the Actuarial Society of America in 1895–1897.
The Conference of Consulting Actuaries (CCA) is a professional society of actuaries engaged in consulting in the United States and Canada, as opposed to those employed by insurance companies. CCA members assist their clients with respect to pension, health, and other employee benefit plans; life insurance; and property and casualty insurance.
Bernard Benjamin was a noted British health statistician, actuary and demographer. He was author or co-author of at least six books and over 100 papers in learned journals.
John William Cousin (1849–1910) was a British writer, editor and biographer. He was one of six children born to William and Anne Ross Cousin, his mother being a noted hymn-writer, in Scotland. A fellow of the Faculty of Actuaries and secretary of the Actuarial Society of Edinburgh, he revised and wrote the introduction for Henry Wadsworth Longfellow's Evangeline in 1907.
The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the U.S., most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure.
Events from the year 1861 in Scotland.
Richard Teece was an Australian actuary, general manager and actuary of the Australian Mutual Provident Society.
Monica Christine Allanach was a British actuary. She was the first woman to be elected to the Council of the Institute of Actuaries.
References
- ↑ "About Us". New Zealand Society of Actuaries (Inc).
